J.Jill (NYSE: JILL) reported Q1 EPS of $0.24. Revenue for the quarter came in at $166.1 million, versus $0 reported last year.

Raises Full Year Fiscal 2017 Guidance

Outlook

For the second quarter of fiscal 2017, we expect total comparable sales to increase in the high single digits. GAAP diluted earnings per share are expected to be in the range of $0.26 to $0.28. Adjusted diluted earnings per share, which excludes approximately $0.9 million of non-recurring expenses associated with the company’s initial public offering, are expected to be in the range of $0.27 to $0.29. Both GAAP and adjusted diluted earnings per share include approximately $0.3 million of public company costs not incurred in 2016. This guidance assumes 43.7 million shares outstanding and an income tax expense rate of approximately 40%.

For the full 2017 fiscal year, on a 52-week basis, we expect total comparable sales to increase in the high single digits. GAAP diluted earnings per share are expected to be in the range of $0.72 to $0.76. Adjusted diluted earnings per share, which excludes approximately $5.0 million of non-recurring expenses associated with the company’s initial public offering, are expected to be in the range of $0.80 to $0.84. Both GAAP and adjusted diluted earnings per share include approximately $1.4 million of public company costs not incurred in 2016.

The 53rd week of fiscal 2017, which has not been included in the 52-week basis outlook given above, is expected to contribute an additional $9.0 million in sales and approximately $0.01 of earnings per share.

For the first quarter ended April 29, 2017:

• Total net sales increased by 12.5% to $166.1 million from $147.7 million in the first quarter of fiscal 2016.
• Total company comparable sales, which includes comparable store sales and direct to consumer comparable sales, increased by 9.9%.
• Direct to consumer net sales represented 42.6% of total net sales, up from 40.7% in the first quarter of fiscal 2016.
• Gross profit increased to $115.6 million from $101.5 million in the first quarter of fiscal 2016. As a percentage of total net sales, gross profit was 69.6% compared to 68.7% in the first quarter of fiscal 2016.
• SG&A was $97.0 million compared to $87.1 million in the first quarter of fiscal 2016, and as a percentage of total net sales was 58.4% compared to 59.0% in the first quarter of fiscal 2016. First quarter 2017 SG&A included $3.6 million of net non-recurring expenses compared to $1.1 million of net non-recurring expenses incurred in first quarter fiscal 2016 related to the Company’s initial public offering.
• Income from operations, inclusive of non-recurring SG&A expenses, increased to $18.6 million, and as a percentage of total net sales was 11.2% compared to 9.8% in the first quarter of fiscal 2016.
• Adjusted EBITDA* for the first quarter of fiscal 2017 increased by 19.7% to $31.0 million from $25.9 million in the first quarter of fiscal 2016.
• Income tax expense increased to $5.6 million from $4.2 million in the first quarter of fiscal 2016, and the effective tax rate was 41.1% compared to 41.2% in the first quarter of 2016.
• Diluted earnings per share were $0.18 compared to $0.14 in the first quarter of fiscal 2016.
• Adjusted diluted earnings per share* for first quarter of fiscal 2017, which excludes net non-recurring expenses, were $0.24 compared to adjusted diluted earnings per share of $0.16 in the first quarter of fiscal 2016.

For earnings history and earnings-related data on J.Jill (JILL) click here.